306,766 Shares in State Street Corporation (NYSE:STT) Purchased by Jupiter Asset Management Ltd.

Key Points

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Jupiter Asset Management Ltd. purchased a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 306,766 shares of the asset manager's stock, valued at approximately $27,465,000. Jupiter Asset Management Ltd. owned 0.11% of State Street at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in STT. Meeder Advisory Services Inc. raised its stake in State Street by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after buying an additional 114 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in State Street by 2.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after buying an additional 118 shares during the last quarter. Larson Financial Group LLC raised its stake in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in State Street by 13.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after buying an additional 134 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in State Street by 8.4% during the first quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock worth $203,000 after buying an additional 176 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Stock Down 0.6%

Shares of NYSE:STT traded down $0.67 during midday trading on Tuesday, hitting $109.11. 238,811 shares of the company's stock were exchanged, compared to its average volume of 2,112,004. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a 50 day moving average price of $104.38 and a 200-day moving average price of $96.26. The company has a market cap of $30.95 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 1.21 and a beta of 1.48. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.15 earnings per share. On average, sell-side analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.1%. State Street's payout ratio is presently 34.04%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Finally, Evercore ISI lifted their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $112.00.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by insiders.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.